Indeed, everyone knows Peter Obi as a major force in Nigeria’s political space oftentimes overlooking his prowess in the business world having been a trader for decades.
You see, many experts, business analysts, and economists alike have shared various views on the country’s dying economy.
Now, Peter Obi has decided to wear his trader regalia, and trust us when we say, his analysis of Nigeria’s economy is one that needs attention.
In fact, the former presidential candidate of the Labour Party decried the state of Nigeria’s economy.
“As a trader and a keen observer of economic activities, I can confidently say that our economy is struggling,” Obi tweeted on 𝕏 on Friday.
The Trade Fair
According to Obi, his observation of Wednesday’s Kaduna International Trade Fair is the major reason he can no longer hold his peace.
His words: “From my interactions, I observed an economy in decline.
The trade fair itself was a shadow of its former self once vibrant, now nearly deserted, with multinational companies conspicuously absent.
“As a trader and a keen observer of economic activities, I can confidently say that our economy is struggling.
Having attended the trade fair several times over two decades ago, I noticed the glaring absence of major corporations that once actively participated.
“The Kaduna Trade Fair was once a thriving hub of commerce, attracting businesses, investors, and innovators from across the nation.
“In its prime, securing a booth or booking a hotel during the fair required weeks, sometimes months, of advance planning.
“I recall having my own space at the fair, witnessing firsthand the energy, opportunities, and partnerships it fostered.
It was a significant contributor to our national economy, drawing global participation and expanding trade beyond our borders,” he narrated.
A Productive Economy
As usual, Peter Obi did not just come forth with the issues affecting the economy, he also had in his statement some suggestions that could improve the economy.
Obi called on the government to prioritise policies that would encourage a productive economy and create a conducive environment for businesses to thrive.
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He emphasised the need for the country to imitate other nations that have policies that encourage the growth of local businesses.
“As a country, we must return to policies that prioritize production over consumption, strengthening the backbone of our economy—our small businesses, industries, and entrepreneurs.
“We must learn from nations like Indonesia, Bangladesh, and India, which have successfully implemented economic models that empower local businesses, enhance manufacturing, and create sustainable jobs.
“Nigeria has the potential to reclaim its status as a major commercial hub in Africa, but this requires prudent leadership, strategic economic planning, and the political will to support business-friendly policies,” he stated.